It’s your lifelong dream to open your own barbershop business, and now you’re ready to make that dream come true. Although there are many steps to take, it’s possible as long as you make it happen. Opening a business requires a lot of dedication, and many people tend to quit after they comprehend what it takes to do that. It’s time to put your entrepreneurship skills to the test and endure the challenges that come with opening a business.
Here are some things you’ll need to know to start your own barbershop business.
Create a barbershop business plan.
One of the first things you have to do when beginning your own business is to create a business plan. This business will serve as a roadmap for this entrepreneurship journey and will include your goals, marketing strategies, funding plans, and overall details on how your business will operate. It will also include an executive summary, which consists of a brief explanation of your business. It’s important to put a lot of effort into creating this document as it will be used to request funding from investors and financial institutions.
Choose a legal structure for your shop.
Like every business owner, you’ll have to choose a legal structure for your barbershop. This can be anything like a sole proprietorship, partnerships, corporation, and limited liability company or LLC. This structure will determine how much you will pay in taxes, which paperwork you will need to file every year during tax season, and what your personal liability will be. This has to be done prior to registering your business with the state and will help when filing for the appropriate licenses and permits with your tax ID.
Fund your shop and buy your supplies.
Moreover, you’re going to need funding for your barbershop. For this, you’re going to need to tap into your own personal savings, apply for a commercial loan, use a line of credit, and even raise money from friends and family. This funding will go to startup expenses, supplies, rent, parking spaces, and so on. One of the most important things you’ll need to purchase is an electric barber chair for every barber station in your shop. They should be comfortable enough for the person you’re treating and practical enough for you to move around and swivel.
Likewise, you’re going to want to invest in a mobile tv stand that you can move to different locations in your shop. A mobile TV stand will allow you to have more freedom to move around your shop in case you want to revamp your floor plan. It can also help you advertise your products wherever you decide to place them in your shop so everyone can know what services and products you sell at your store.
Obtain the necessary licenses to run the business.
Next, you’re going to need to obtain your licenses, permits, and certificates to open your own barbershop business. These certifications will vary depending on the state, county, and city where you reside. At the most basic level, you will need to meet specific requirements to obtaining these licenses, which will allow you to open a legitimate business. Your business’s building will also need to meet the basic requirements, such as hot and cold running water, public restrooms, drinking water, square footage per station, storage area, and sanitary compartments.
Recruit barbers and other employees.
Lastly, you will need to recruit your working force which will be made up of barbers, administrators, hosts, and janitors if necessary. You will want to choose barbers that fit your brand and shop style to match the aesthetics and skills required for your specific type of customer.